britain is a terrific example. the government there has been cutting spending very, very sharply, and the result in the short term has been extreme contraction of the economy. >> but if you buy the paul krugman analysis, do you also agree with his point that this whole mess -- i can't think of a better word -- this whole mess has been portrayed as a bunch of immature, squabbling narrow minded politicians who can't get in the room and agree when the alternative analysis and certainly one krugman embraces, is it's the republicans and particularly the tea party faction that has been intransigent, has said no to trillions in spending cuts and the democrats and obama have moved quite a ways towards the gop position? >> i think that conclusion, that actually the terms of the debate have shifted far to the right is objectively the case. what's interesting to me, and we already saw it on the front page of "the new york times" today and this was alluded to in your panel, people are now saying, okay, in the post mortem phase